Smart Strategies to Build Corporate Partnerships

Smart Strategies to Build Corporate Partnerships – Moving Beyond Events

Julia Claire Campbell Events, Fundraising, Nonprofits Leave a Comment

Join me and my friends at Thread Strategies for a free webinar on June 16: Smart Strategies to Build Corporate Partnerships!

Guest post by Loree Lipstein, Thread Strategies

Once upon a time, corporate funding for nonprofits came mainly in the form of sponsorship for special events, such as galas and walks.

Nonprofits set menus of available benefits at different price points, and companies supported an event at their desired level of brand exposure and budget. It was a basic philanthropic transaction.

But then two things happened to change this familiar story, one slow and one fast.

The slow thing was the rise of corporate social responsibility (CSR). Over the last decade or so, the general public has raised its expectations of the private sector.

We want to see greater awareness of, and accountability on, societal-level issues. In response, companies have been gravitating away from one-off sponsorships and moving toward deeper relationships to meet those expectations.

Corporate sponsorship is not obsolete by any means – you will still see corporate sponsors listed on banners, T-shirts, and signage at charity events – but these sponsorships are extremely hard-won as companies allocate less and less of their budgets to this classic model of corporate support.

The fast thing to upend the world of corporate contributions is the COVID-19 pandemic.

With restrictions on in-person gatherings, nonprofit special events were forced to drastically change to accommodate in-person restrictions.

At the same time, many for-profit sectors took a major hit, especially small or locally owned businesses.

As we look toward recovery from the pandemic, some business may continue to have fewer resources to invest in their communities.

And while nonprofits will surely hold in-person events again at some point, no doubt this fundraising strategy will require some re-invention as we see more of a hybrid approach to events emerge.

Taken together, the slow rise of CSR and the swift upheaval of COVID-19 will continue to push more and more companies away from transactional sponsorships and toward the improved model of nonprofit support: partnerships.

What do we mean by partnerships?

It is not simply replacing one word for another. Partnerships are about impact.

They balance company business objectives with the aspiration/expectation to help create positive, tangible change in communities.

They are strategic and multifaceted. They are relational, and anything but the transactional sponsorships nonprofits used to know.

To be competitive in securing corporate support for your organization, you must be ready to switch from a sponsorship to a partnership mindset.

Here’s how you can start.

First, take confidence: the process of building corporate partnerships is actually no different than building relationships with individual major donors.

This is good news! It means your investment in sharpening relationship-building skills can be applied to multiple funding streams.

As companies have become more strategic in how they give, they are less and less interested in transactional giving.

This inherently leads to building relationships that, if done well, can turn into long-term partnerships.

The first step in productive relationship building, for individuals and corporations alike, is finding alignment in mission and values.

This can be easier to do for a company, as many publicly share their CSR goals.

If this information is not readily available, you may also make some assumptions about what a company cares about by gaining an understanding of its core business and the various community issues that touch that business.

No matter what, you must come to understand a company’s goals in order to form a long-term partnership.

Whereas the sponsorship model of funding may be based on a marketing opportunity or a personal relationship, a partnership stems from alignment in business goals.

Therefore, it’s worth spending the time to research and truly understand if that alignment exists.

Next, have patience and start a dialogue.

Once alignment is confirmed, the next step is to initiate an open dialogue.

These conversations are often iterative and can take months, or even years, before they settle into a mutually beneficial partnership.

It is typical in a sponsorship model to present a company with a menu of options.

When building a partnership, however, you work collaboratively with your corporate partner to determine and design which actions and exposure meet your collective goals.

This process requires the nonprofit team to be open, flexible, and creative – not the traditional way of transacting with corporate sponsors (but again, partnerships are not transactional!).

If interested in pursuing corporate partnerships, it’s important to shift your mindset up front and go into these conversations with open ears and an open mind — requirements in designing options that are mutually beneficial.

The uniquely tailored partnerships that result tend to be long lasting as your nonprofit becomes part of the fabric of the organization’s culture and less replaceable by the numerous other organizations fighting for the company’s attention.

Finally, have perseverance. It can take practice to switch from a sponsorship to partnership mindset as an organization.

We hope this short discussion helps your organization determine where to begin.

We also hope it helps you feel empowered, as this shared-value mindset should position your nonprofit for stronger corporate relationships that reach beyond just dollars to boosting your mission in numerous ways.

Want to learn more?

Julia Campbell will be hosting me and my colleague Tracy Shaw for a free webinar “Smart Strategies to Build Corporate Partnerships” on June 16, 2021 at 1pm EST.

Register here. 

About the Author: As seasoned development professionals, we know that fundraising is hard work. Our mission is to make fundraising more coordinated, supported, and effective so that social change organizations like you can grow revenue over time and maximize your impact. We approach consulting as partners and teammates. We comprehensively assess your current development efforts, and we create a customized strategy for how to approach fundraising that is rooted in your current reality and responsive to your vision for the future. With a new development plan in place, your Thread teammates help you bring the strategy to life by building the systems to support it, hiring the staff to lead it, and assisting in execution until processes are up and running. Learn more at https://threadstrategies.com/ 

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Your email list is essentially the communicative lifeblood of your nonprofit.

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Via your nonprofit’s website and social media profiles of course!

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